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Indian Oil Corporation reported a loss of ₹2,636.80 crore for the third quarter of fiscal 2014-15 against a loss of ₹961.45 crore in the same quarter last year.
The company’s financial performance was hit by a ₹12,842-crore inventory loss.
This includes a ₹ 9,050 crore inventory loss on crude oil and ₹ 3,792 crore inventory loss on products.
Due to the inventory losses, the company’s gross refining margin (GRM) slipped into negative for the quarter.
During the third quarter IndianOil’s GRM was $ -7.73 per barrel an in the same quarter last year it was $4.56 per barrel.
“The physical performance of the refinery has been much better. Excluding inventory gains and losses, GRM in third quarter was $10.47 per barrel as against $ 2 per barrel in the same quarter last year,” said B Ashok, Chairman, IndianOil.
During the quarternet revenues fell ý7.2 per cent to ₹1,10,773.73 crore (₹1,19,467.07 crore).
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